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Kate Kraus in Tax Notes
Kate Kraus talks with Tax Notes about the newly proposed regulations on how errors in reporting liabilities on the partners’ Schedules K-1 provide a heads-IRS-wins, tails-taxpayer-loses approach. If the IRS adjusts the amount, type, or allocation of liability, and the adjustment could be unfavorable to the taxpayer, the partnership might have to pay tax. On the other hand, if the adjustment is favorable and would reduce the amount of tax a partner should have paid, the partner will be unable to obtain a refund or obtain any other remedy under the default rule.
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